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The FAANG-nary In The Coal Mine

The long-awaited breakdown in sentiment is finally here

by Adam Taggart

Two weeks ago, I issued a report to Peak Prosperity's premium subscribers, warning of an immiment downwards re-pricing of the FAANG stocks. I even made a rare recommendation for taking an active short position against them (one now up 18%).

That report proved quite timely. Over the past 10 days:

Netflix (NFLX) is down 10% after issuing disappointing subscriber growth and Q3 guidance

Facebook (FB) is down 20% after delivering lower user and revenue numbers than the Street was expecting

ETF With FAANG Equities Within Top 15 Holdings

As portfolios have become more and more FAANG-dominated, more and more investors have come to see those five stocks as "unstoppable". They have unnaturally performed as both "risk-on" and "risk-off" havens for years — delivering consistent share price growth when markets move higher, while holding steady when they don't.

As a result of this piling-in by investors, the five FAANG stocks collectively now have a whopping market capitalization of $4 trillion.

They comprise nearly half of the NASDAQ index's market cap.

The FAANGs are the largest five companies in the S&P 500. And they were responsible for ALL of that index's growth over the first six months of this year (without them, the S&P 500 would have had a negative return in H1 2018):

In short, the FAANGs now ARE the market.

The Canary In The Coal Mine

The FAANGs are the last remaining stocks pulling this 9-year bull market higher.

Remember that they're collectively worth $4 trillion? Well, they were all worth only $1.2 trillion in 2013. They've nearly quadrupaled in just 5 short years.

The ramp-up in the FAANGs is largely responsible for today's record highs in the equity indices, none more so than the NASDAQ:

Which is why it's essential to appreciate how bull markets end. They end by one thing and one thing alone: a reversal in sentiment.

And a reversal of sentiment is exactly what we're beginning to see with the FAANGs. Investors have suddenly discovered that these companies are not impervious. They can lose 10% or 20% overnight, just like any other overvalued stocks.

As my fellow co-founder Chris Martenson recently quipped: "If NFLX was the canary in the coal mine, then Facebook was the first miner dropping to his knees."

To that, I would add that Amazon's cross-current results is a second miner suddenly feeling dizzy with hypoxia.

And even though Twitter isn't technically a FAANG, it's often lumped in with them. Having dropped 20% after releasing earnings last night, TWTR is now lying face-down, comatose on the mine floor.

Which is why after years as do-no-wrong darlings, the FAANGs suddenly find themselves beset on all sides by skeptics.

As an example: here's the latest outlook from Doug Kass, who recently revealed that he's sold all his long positions and adopted a portfolio positioning very similar to the one Peak Prosperity has been advising: heavy cash + precious metals + some shorts:

"There is nothing like price to change sentiment."

– Helene Meisler

Some are surprised that the overall market has not immediately fallen and that the VIX did not rise in response to the large miss at Facebook.

I am not shocked (there was some "positive" trade news late in the day) – but more importantly, tops are processes.

For years there has been a narrative to stay bullish – to not see or respect any turns (as significant). It was like that in 1987, 2000 and 2007-08 as the market ramped until the day it began to rollover.

It is no different today.

This week may represent a seismic change in investor perceptions – as it relates to FANG and possibly the broader markets.

The markets are likely headed for a FANG-Over.

FANG market dominance (shades of 1999) – with too many on the same side of the investing boat – will likely morph into shades of early 2000 (which represented the end of the dot.com boom and the start of a market correction)

Even Morgan Stanley, a bastion of Wall Street "business as usual", has uncharacteristically issued a twin pair of reports warning investors to get out the markets generally and the FAANG stocks in particular.

Calling the escalating trade disputes between the US and rest of the world a 'vicious cycle' that will put downward pressure on risk markets (i.e. stocks and bonds), MS predicts the Tech equity sector will be the one most affected:

"…we do think that 2Q earnings season will bring an inevitable acknowledgement from companies that trade tensions increase the risk to forward earnings estimates, even if managements don’t formally lower the bar. Throw in the fact that these stocks have rarely, if ever, been so over-loved and over-owned, and the risk of a proper rain storm in this zip code increases significantly."

When a white-shoe sell-side firm like Morgan Stanley (i.e., "Must…always…keep…clients…fully…invested…") is admitting that these stocks are "over-loved and over-owned", you know the party is truly over.

Also, a quick glance at insider selling by FAANG management shows that execs are pulling money out as fast as they can. The transaction volume of insider selling is the highest it's been in at least 6 years, with over $5 billion offloaded so far in 2018:

Insiders at tech heavyweights led by Facebook Inc.’s Mark Zuckerberg are selling stock at the fastest pace in six years, cashing in on buoyant equity markets.

Senior executives and directors of Facebook, Amazon.com Inc., Netflix Inc. and Google parent Alphabet Inc. have disposed of $4.58 billion of stock this year, according to data compiled by Bloomberg. They’re on track to exceed $5 billion for the first six months of 2018, the highest since Facebook went public in 2012 and pushed first-half insider sales to $14.3 billion.

FANG insiders are on pace to sell $5.2 billion of shares in the first half of 2018

This data adds support to Charles Hugh Smith's hypothesis about distribution; that insiders have been using the string of rallies in 2018 to frantically sell their overvalued shares to the "dumb money" in advance of a material price correction.

Existential Risks

The obvious question for these stocks, some of which sport forward P/E ratios of over 100 and/or have more than doubled in price within the past 9 months is: What possible rationale is there for them to go materially higher from here?

Leaving that aside for a moment (and to be sure, there are still renown investors who remain bullish on these stocks), each of the FAANGs is facing one or more existential risks. Here are just some of them:

Facebook: facing greater regulatory scrutiny in the wake of user privacy scandals like Cambridge Analytica, which resulted in a mass "quit Facebook" movement. Younger generations do not use the platform (only 9% of Gen Z, the age cohort following Millenials, uses Facebook)

Netflix: massive negative $3-4 billion cash flows this year as content production costs increase. Competing platforms from other big content players will define the future landscape. Disney is pulling its wildly popular content from Netflix in 2019.

As we've detailed repeatedly (most recently in our report A Hard Rain's a-Gonna Fall), a price correction of 40% or more for stocks could be in order when the current environment of sky-high asset bubbles bursts.

And that's only looking at the current (over)valuation of the equity markets.

Many of the hottest real estate markets are now showing signs that they peaked last year or are currently nosing over. And despite the blip up in GDP for Q2, risks of the US returning to recession are multiplying — and today's trade wars (which alone could shave 20% off of the S&P) and rising interest rates are exacerbating the odds.

Should those three things — a market crash, a housing bust, and a deep recession — all converge at the same time (as is likely, as they are reinforcing factors for one another), we could easily see another crisis on par with the Great Recession (or worse).

And as bad as that will be, the response from our governments and central banks will make things even worse.

Why? Because they'll be 'fighting the last war', using the same playbook they used to staunch the 2008 liquidity crisis. Except this time, the crisis will be one of valuation.

In Part 2: The Coming Valuation Crisis, we explain the underlying dynamics of how the next crisis will unfold, and why the central planners' efforts are likely only going to serve as pouring gasoline on the fire.

The sad reality is we likely won't have to wait long to see this story play out. With the sudden weakening of the FAANGs, the last rampart holding back the long-overdue market correction is falling.

Join the discussion

30 Comments

Perverse incentives

This data adds support to Charles Hugh Smith’s hypothesis about distribution; that insiders have been using the string of rallies in 2018 to frantically sell their overvalued shares to the “dumb money” in advance of a material price correction.

First, I would say caveat emptor to those who may have bought these overpriced shares. I will shed zero tears for any fools that bought companies with overly stretched valuations in the hopes of getting rich selling to a greater fool later on.
Somebody has to be the last fool.
Second, the “greater fool” was, in many cases the companies themselves!
Falling into the there outta be a law! category is the idea of company insiders both voting for company share repurchases while simultaneously selling their own shares.
If a company is actively repurchasing its own shares fiduciary duty seems to suggest that they really should not be also allowing insiders to dump their own shares.

passive investing

As an aside, many financial analysts are warning of the downside of passive investing, i.e. owning indices rather than actively picking sectors or (gasp) individual stocks, anathema to many as these are presumed to be “risky” compared to “low-risk” index funds (passive investing).
To Adam’s point, owning any passively invested ETF or fund = putting most of one’s eggs in the FANG basket without really being aware of that concentration in “growth” stocks as opposed to “value” stocks.
One of the risks in passive investing is when an investor sells the ETF/fund, the managers have to sell all the stocks in the fund/basket. If a great many investors decide to lighten up (sell their ETFs and index funds), there’s a potential for a feedback loop to take hold–selling begets more selling, good and bad companies alike, as the index/basket fund has to sell all the stocks in the basket.

You really hit this one on the head Adam

PP's NYC Summit

With the FAANGs weakening, the risk of the long-overdue market selloff finally arriving rises dramatically, as there’s no other sector of ‘strength’ for capital to move to.
That means the dominoes should start falling at a quickening speed from here.
If you want to understand what the likeliest implications will be, that’s exactly what we’ll be diving into deeply at our Peak Prosperity Summit in New York City on Sep 16th.
And as a reminder, this event will be uniquely special as David Stockman(!) will be presenting with us.
He brings an invavluable insider’s knowledge of what Wall Street and Washington DC players are planning, and what we can do to avoid the worst of their machinations.
If you’re interested in joining us, as well as many other like-minded PP members, for the day — register now:Sunday, Sep 16, 2018 — 10am-4pm EST

How to fix a valuation crisis

There’s an easy way to fix a valuation crisis, where prices accross the board are excessively elevated. The answer is to devalue the currency. To do that on a global scale means raising the cost of living and wages for the little guy, thus maintainig the post-fiat, postive nflation model. What better way to inflate an econmoy than with back firing trade tarrifs. And to get incomes rising, simply increase minimum wage limits and impose a living wage on everyone.
Historically when modern governments can no longer naturally garner postive inflation or growth they turn to money printing and market interference. Printing trillions of dollars has goosed the high end of the economy so now perhaps it’s time to balance valuations against CPI by introducing trillions of dollars of reflected global tarrifs and maybe a living wage.
Tighten security, wrap up censor in some kind of anti-terrorist law and voila you have control of dissention. Put a (different) patsy government in place, one willing to be hated, long enough to start the trade war then replace it with an extreme left nannycrat who wins the presidency on the bribe of a base wage for all. An electorate driven by media and desperate for a change will swing in the opposite direction as sure as a pendulum changes sides, and vote for anyone.
It’s not a conspiracy therory it’s just business as usual for the clientellist, dysfunctional, full-suffrage, Hollywood driven global political system we erroneously call democracy.

How long to hold FNDG?

Hey Adam,
As you certainly know, these inverse funds decay with time if the underlying stocks are stable. They only gain value when there is full-on panic selling.
Keep us appraised as to when you see the panic phase mellowing out and when you would be ready to sell.
Thanks.

FNDG

I’ll second sand-puppy’s request – please let us know when you decide to sell. I haven’t dealt with any stocks whatsoever since 2000 but decided to dabble with a very small amount since Adam’s reasoning was so compelling. Of course, reason has had little to do with it (so far).

FWIW

I’ll offer an opinion here, and it’s just that, an opinion, and one of many I’m sure. If I had a position in FNGD, that I acquired recently and “comfortably” in the 23-24-ish range, I would have sold my position today (or at least locked in a portion of the profits) in the 28-29-ish range. A roughly 20-25% gain is nothing to sneeze at and having some funds to live another day is not a bad choice; again, that’s just me. If one believes a significant correction is in the cards soon, hang in there and hope “the greater fool” is still out there when selling feels right. Things can happen fast. Keep your index finger on the left mouse button, ready to pounce like a feline (or have your stops and limits in place). Leveraged funds are typically not long-term buy and hold items, they all “bleed out” or degrade over time.

Will do

Will do, SP (and Goodsalt and DennisC).
First off, I absolutely agree that you have to be very careful holding onto leveraged ETFs as their performance quickly deviates from the underlying securities.
I also wholeheartedly agree that a 28% return in less than 3 weeks is a great score. For most investors, I recommend locking that win in now. Sell and pat yourself on the back. Remember: hogs get slaughtered.
As for me, I may hold on for a bit longer. Pulling back, the recent drop in the NASAQ hardly registers:
I want a portion of my portfolio positioned for the fall that I predict is coming, which I think could easily take the NASDAQ well below 2015/2016 levels.
With that said, I may still end up selling soon. If I do, I’ll announce so here.
And it would be with the intent to take another short position quickly thereafter. I would kick myself were a big drop to happen while I did not have some sort of short position in place.

BIG FAT DISCLAIMER: This is NOT personal financial advice. The investment choices I’ve made are based on my own unique situation, financial goals and risk tolerance. And I may change these choices at any moment given new market developments. What’s appropriate for me may not be for you, so DO NOT blindly duplicate what I’m doing.
As always, we recommend working with a professional financial adviser to build an investment plan customized to your own needs and objectives. (If you do not have a financial adviser or do not feel comfortable with your current adviser’s expertise in the market risks we discuss here at PeakProsperity.com, consider scheduling a free consultation with our endorsed adviser)

I was talking to my friend

I was talking to my friend today who has gotten rich off debt fueled exuberance over the last 10 years and investing in stocks. He also has a retail store chain which has done well but personally he has bought of real estate on debt band watched it skyrocket. He wants to pull out another $100K in debt to throw in the stock market. I asked, what if the market goes down, and he said it might go down but it always goes back up. Maybe he’s right. If it tanks and they fix this by printing money like there’s no tomorrow then stock prices will go back up. Everything will go up. Except his debt. He will still only owe $100K which he would easily be able to pay off, unless it somehow got repriced. Assuming he can stay solvent during the crash.
Who knows, maybe it will work out for him. After all these years I’ve been the one who thought I undertood how things worked. I stayed out of the markets because I knew they were rigged. He didn’t understand this and jumped in with the hysteria and has gotten rich. Who am I to judge? I’m the one living paycheck to paycheck, and he’s living like a king. Turns out I didn’t understand the market as well as I thought.

TESLA skyrockets higher after earnings

Tesla is up more than 9% today on the news yesterday after the market close that TSLA loses more money by selling more cars.
They are literally making it down on volume, so to speak.
You just cannot make this up!
But…I feel like I’ve been here before…
Yep, we have been here before. 😉
The fact that TSLA is going up on a ruined balance sheet, negative earnings and a promise of future greatness, all while sportiong a +$50 billion market cap tells us “not yet.”
The “”market”” is not ready to give up the dream. Yet.

FNGD

Adam/DennisC/SP – Your posts were enough of a reminder for me and I got out completely – best not to get too greedy. Being as allergic to the markets as I am – I bet very little and made even less – but hey a win is a win. So I’m swearing off for another 18 years by which time I’ll probably be playing my golden harp. Thanks again!

TSLA madness

I am glad I am not short TSLA today,a nd feel sorry for anyone who is/was.
I went through lots of simialr pain as I shorted the home builders back in 2007. I would track all the data, know which ones were going to suck wind on earnings, and then I’d nervously sit out the most counter-intuitive, illogical short-screwing ramps that would always accompany a crappy earnings report.
That was TSLA today for sure. It poured on an astonishing $9 billion in market cap, for a 16% gain.
I’m going to go out on a limb here and call this TSLA’s ‘last hurrah.’
The earnings were awful and the balance sheet erosion was stunning. I’ve heard nothing positive coming after the huge “5k/wk or bust!” Model 3 fiasco which seemed to be both rigged and costly in terms of burning out the staff.
The cult following for this stock amuses me on some levels, concerns me on the others. I beleive there will be lawsuits for fiduciary irresponsibility when various pensions and such get burned on this one.
Because he’s continuing to support this isanity, Jerome Powell now gets to add his name to the wall of ignomy that already has Greenspan, Bernanke and Yellen on it.

Glad I'm not invested.

This summer we’ve taken a break from TEOTWAKI prep and talk here at Chateau Snydeman, and I’ve been heavily ‘invested’ in the work of renovating our kitchen so that my wife can have the kitchen she’s always wanted. Despite this being, likely, a short-lived and spurious joy, I got my Pioneer Princess, so she gets her new kitchen. I’ve gutted the floors, taken the walls down to the studs, rewired some seriously screwed up electricity pathways, and learned a metric ton about how to deal with a house built in the 60s by a pack of Oompa-Loompas. My garden has suffered a lot due to my split attention, but what I’ve learned with the house has given me confidence that I can learn most basic skills if I put my mind and energy to it, and I’ve also discovered that my garden has decided to grow volunteer plants where I never expected (several tomato plants where I swear I never grew tomatoes)…so nature marches on regardless of my efforts. Heavenly, that!

My “orbit of concerns” has continued to shrink as I begin to disconnect from larger “goings-on” and focus on what I can affect here, locally, in my zone of control. I believe this may be what one PP member (Grover? Treebeard?) means when he says – often – that we should “settle our mares:” focus on what you can do directly and in your own tiny corner of the planet, for as many people as you can do it. Get your shit in order before the storm hits.

Either way, I am so glad I am not invested in this current market. Granted, I shall never become wealthy with fiat currency because I own no real stocks/bonds, but I am also not moved by the market when things go sour. Good luck to those of you who are. This whole “”market”” thing seems like a real shitshow of a carnival ride, at best.

When this comes crashing down around our ears, will you be ready? Will you care? Why? Has this current system brought true happiness, akin to the type our ancestors felt eons ago, or has it just brought material prosperity at the expense of lost connections with each other and the natural world we live in? I can’t answer this for anyone here, but I’ve found that the less I care about material wealth the richer I feel. I’ll take an hour barefoot in my garden over 100k any day of the week now, but maybe I’m nuts.

/shrugs

Now, back to tending the tomatoes I never planted, and figuring out how much amperage I need in the south wall of the kitchen…

spot on

Snydeman wrote:

My “orbit of concerns” has continued to shrink as I begin to disconnect from larger “goings-on” and focus on what I can affect here, locally, in my zone of control. I believe this may be what one PP member (Grover? Treebeard?) means when he says – often – that we should “settle our mares:” focus on what you can do directly and in your own tiny corner of the planet, for as many people as you can do it. Get your shit in order before the storm hits.

That's Robie's Saying

Snydeman wrote:

My “orbit of concerns” has continued to shrink as I begin to disconnect from larger “goings-on” and focus on what I can affect here, locally, in my zone of control. I believe this may be what one PP member (Grover? Treebeard?) means when he says – often – that we should “settle our mares:” focus on what you can do directly and in your own tiny corner of the planet, for as many people as you can do it. Get your shit in order before the storm hits.

Snydeman,
That’s Robie who keeps saying it. I always thought he was saying to prepare for the future, but your interpretation works also. (Perhaps Robie can clarify his cryptic message.)
Grover

Tesla Down Under

Yes, some Tesla models are or have been sold in the Great Southern Land. I’ve ridden in a few at some electric vehicle demonstration days. Beautiful-looking machines and comfortable. Also unbelievably quick off the mark: nothing they can’t drag off at the lights — except another Tesla. Dangerous too: too powerful, too swift, too much for inexperienced drivers to cope with.
Tesla provide automatic software updates via wifi and are (were) setting up a chain of rapid charge stations along some major highways.
If Tesla goes under there’s a number of Tesla owners who will be out on a limb. I presume the cars will continue to function; to what extent are they dependent on live links back to Tesla HQ?
Talk about mobile stranded assets.
And then there’s that huge battery in South Australia. I hope it can be kept functioning.

Thanks Grover!

Snydeman,
That’s Robie who keeps saying it. I always thought he was saying to prepare for the future, but your interpretation works also. (Perhaps Robie can clarify his cryptic message.)
Grover

Grover,

Thank you for helping me correct my attribution of the phrase! I own no livestock, and know less about horses than I do about nuclear fusion, so whenever he says the phrase I have no basis with which to interpret it. I always figured it had something to do with calming (settling down) frightened horses in order to get them into shelter before a storm. :p

Update on FNGD

The leveraged inverse FNGD ETF I highlighted back in July is breaking out to the upside thanks to the recent market weakness.
When I first mentioned it, it was trading near $22. It’s now over $32:
That’s a 45% increase in a little more than 3 months.
I’ve held on, as I calculate that the NASDAQ and the FANGs have *much* further to fall in a true correction.
Is that correction arriving now? Still too early to call it, but I’m happy being positioned here going into the week.

BIG FAT DISCLAIMER: This is NOT personal financial advice. The investment choices I’ve made are based on my own unique situation, financial goals and risk tolerance. And I may change these choices at any moment given new market developments. What’s appropriate for me may not be for you, so DO NOT blindly duplicate what I’m doing.
As always, we recommend working with a professional financial adviser to build an investment plan customized to your own needs and objectives. (If you do not have a financial adviser or do not feel comfortable with your current adviser’s expertise in the market risks we discuss here at PeakProsperity.com, consider scheduling a free consultation with our endorsed adviser)

FAANG holders suffering more than the general market

According to a new study from UBS, with the S&P 500 sliding 1% last largely due to a furious selloff on Thursday and Friday when interest rates spiked, stocks with the highest hedge fund or passive/ETF ownership posted sharp losses that were four times larger. And just as they posted stellar returns on the way up, they are getting punished on the way down, with equity returns inversely tied to their popularity with funds or, as Bloomberg simply puts it, “the more loved by hedge funds or ETFs, the bigger the drop.”

The broader market selloff, which has been most acute among the widest-held stocks continued on Monday, as the S&P 500 dropped 0.6% for its biggest 3-day drop since June; the Nasdaq is down 1.5% so far today, losing 5% in the past three days, while the NYSE FANG index was the hardest hit, dropping 2.5% on Monday, after its Friday 2.1% loss took it below its 200-DMA.
What this means is that what used to work until recently – following the speculative money or riding the passive flows – on the way up, is no longer working, or rather it is if investors are seeking accelerating losses.
To Keith Parker, UBS’ chief equity strategist, the data highlight an obvious risk: concerted selling, namely the hedge fund tendency to rush for the exits all at the same time

What goes up, must go where?

Just Sold My FNGD

As requested by several PP readers, I’m letting you know that I’ve just sold (nearly all) of my position in the FNGD ETF.
Frankly, I’d have been happy to stay in it given how much further I think the market will ultimately fall; but I was able to exit at a 52% gain in just a little over 3 months. That’s good enough for me at this point.
There’s a high enough risk of another rescue rally (or two) before these ‘frankenmarkets’ finally roll over for good, so I’m going to take my winnings off of the table and be ready to re-enter should TPTB orchestrate a save here.
And if they don’t, and the market heads straight down from here? I’ll be happily watching from the sidelines in cash earning between 2.2-2.4% at TreasuryDirect, eagerly awaiting the coming time when I can deploy that capital to buy quality assets at far better valuations than today.

BIG FAT DISCLAIMER: This is NOT personal financial advice. The investment choices I’ve made are based on my own unique situation, financial goals and risk tolerance. And I may change these choices at any moment given new market developments. What’s appropriate for me may not be for you, so DO NOT blindly duplicate what I’m doing.
As always, we recommend working with a professional financial adviser to build an investment plan customized to your own needs and objectives. (If you do not have a financial adviser or do not feel comfortable with your current adviser’s expertise in the market risks we discuss here at PeakProsperity.com, consider scheduling a free consultation with our endorsed adviser)

FNGD

And this is why Armstrong says that it is only the shorts who have the guts to buy after a big plunge.
Its all about ringing the cash register!
I’m out of my TSLA too. I re-entered a week back after Musk agreed to settle with the SEC, and closed it out yesterday.

FNGD now over $37

With today’s market meltdown-gasm, FNGD is now over $37. That’s 66% higher then when we first highlighted it in July:
But to put things in perspective, if the Nasdaq keeps dropping through 6500, the next support isn’t until the 4000 level — and one can argue easily that it will still be excessively overvalued then:

All FAANG stocks now officially in a bear market

Wish all of my predictions came true as fully and neatly as this one did…
Since issuing my warnings in July about the high-flying FAANG stocks and taking a short position vs them, the entire FAANG complex kindly reversed soonafter.
All five FAANG stocks are now in a bear market (defined by a 20%+ drop) compared to their all-time highs earlier this year:
For the record, FNGD — the inverse ETF I highlighted to our premium subscribers — is up nearly 70% since I first mentioned it back in July.
So, the big question is: Where to from here?
My personal prediction is that the FAANGs still have a lot farther to fall. But I think the carnage is likely over in the short term.
It wouldn’t surprise me to see a Santa Claus rally over the next few weeks. It sure looks like one’s trying to get started today.
If that indeed happens, I’ll be looking to re-enter FNGD at lower prices, with a longer term hold outlook.
As nasty as the recent drop in the FAANGs has been, most are still higher today than they were at the beginning of 2018. And the NADAQ still has a lot farther to fall (~2,000 points) just to get back to the previous bubble high of 5,000:
When the long-overdue market rout really gets underway, the losses suffered by the NASDAQ will make the recent dip look like the mere tip of the iceberg.

BIG FAT DISCLAIMER: This is NOT personal financial advice. The investment choices I’ve made are based on my own unique situation, financial goals and risk tolerance. And I may change these choices at any moment given new market developments. What’s appropriate for me may not be for you, so DO NOT blindly duplicate what I’m doing.
As always, we recommend working with a professional financial adviser to build an investment plan customized to your own needs and objectives. (If you do not have a financial adviser or do not feel comfortable with your current adviser’s expertise in the market risks we discuss here at PeakProsperity.com, consider scheduling a free consultation with our endorsed adviser)